The New Economics Foundation is on to something.
This is an incredible talk about well being and how we can best achieve it. Nic Marks of the New Economics Foundation asks, “what is progress….what would it be like to improve our collective well being?” Nic goes on to say that one of the problems of our approach to metrics is that the people who cornered the market of what progress is, gave it a financial or economic definition that somehow assumes that if we get the right numbers to go up, life will magically get better…whether it’s the stock market, GDP, or economic growth. The assumption is – no questions asked – that more is better!
But the correlation is imperfect at best…Nic states that “we’ve known for sometime that these financial metrics aren’t a good measure of our collective well being – in fact the architect of our national accounting system Simon Kuznetz, in the 1930’s said, a nations welfare can scarcely be inferred from the national income.”
See who said this….the GNP measures everything except that which makes life worthwhile.